UK Oil & Gas PLC Turkey: Pinarova-1 Testing (3177Z)
January 11 2024 - 2:00AM
UK Regulatory
TIDMUKOG
RNS Number : 3177Z
UK Oil & Gas PLC
11 January 2024
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Pinarova-1 Testing
UK Oil & Gas plc (London AIM: UKOG) is pleased to announce
that following the successful completion of repair and
strengthening of the access track and well pad during recent good
weather, we are advised by operator AME that perforating operations
should commence towards the end of next week or by the following
Monday, 22 January 2024.
PSI, the service provider of the new 7-inch perforating guns,
capable of fully penetrating Pinarova's 95/8-inch casing, has now
been mobilised and their wireline-conveyed perforating operations
can start in line with the above schedule. Further updates will be
issued in due course.
The new guns will be deployed over the Germik/Hoya section where
strong oil odours at surface were recorded over a 12-hour period
during drilling and mobile light oil was recovered from the mud pit
(see RNS of 22(nd) September 2023). Geochemical analysis found the
mud pit oil to be near identical to that found in the seismic shot
hole oil seep, located around 1.5 km to the west.
UKOG holds a 50% non-operated interest in Pinarova-1 and the
surrounding 305 km(2) Resan licence, which also includes the as yet
undeveloped Basur-1 light oil discovery.
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 40 years of
relevant experience in the global petroleum industry, has approved
the information contained in this announcement. Mr Cartwright is a
Chartered Engineer and member of the Society of Petroleum
Engineers.
For further information, please contact:
UK Oil & Gas plc
Stephen Sanderson / Allen D Howard Tel: 01483 941493
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade/James Bavister Tel: 020 7220
1666
Communications
Brian Alexander
Tel: 01483 941493
Glossary
discovery a petroleum accumulation for which one or several
exploratory wells have established through testing,
sampling and/or logging the existence of a significant
quantity of potentially moveable hydrocarbons
oil seep a natural flow of crude oil at or close to the
earth's surface whose origin is from a petroleum
accumulation or oil source rock at depth.
--------------------------------------------------------
shot hole a shallow borehole in which a small amount of
explosive is detonated in order to generate a
seismic signal
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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END
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